Financing a Motorsport Vehicle
Motorsport vehicles are powerful machines that can handle a wide range of tasks. Whether you need a vehicle for your daily commute or you want to hit the trails on the weekends, a motorsport vehicle is a great investment. If you’re not sure if you can afford a new ride, keep reading for tips for financing one of these machines. When you’re ready to see some models for sale, call Rivercity Motorsports & Trailers in Sault Ste. Marie, Ontario.
Why Finance?
You may be wondering why you should finance in the first place. Taking a loan out so you can pay off a motorsport model over time is a great way to get the vehicle of your dreams without having to pay the full price up front. Although the total among you’ll pay may be higher, you’ll only be paying small chunks each month that don’t break the bank. As long as you have steady and reliable income, financing is an excellent way to make your money last.
Building a Budget
Before you buy a motorsport vehicle, you’ll need to properly budget for it. When looking at financing options, you need to ensure that you have enough money saved up for a significant down payment. On top of this, you’ll need to figure out how much you can pay each month, in addition to paying fuel, maintenance, gear, and other costs.
Qualifying for Financing
As with any other loan, you’re going to need to qualify for financing. The lender will have to approve the loan. This means you need to have a solid credit score. Here are a few things the lender will want to know:
- Your credit history.
- Your debt-to-income ratio.
- Your down payment amount.
- Age of the vehicle.
- Price and value of the model.
- Trade-in information.
Low Credit Score
If your credit score is less than impressive, don’t worry! You can still qualify for a secured loan. This type of loan will use your motorsport vehicle as collateral. This means your vehicle can be repossessed if you default on payments.
Choosing a Lender
When looking at financing options, you’ll come across a few different lenders. A good place to start is with your current bank or credit union since you’ll probably get better rates if you already have an account with the organization. Make sure to do your research and figure out which lender is right for you and your financial needs.
We hope this guide helps you choose the best financing option for you. If you have any questions, reach out to Rivercity Motorsports & Trailers and our financing department will take you through the process. We are located in Sault Ste. Marie, Ontario, near Sudbury, and we can’t wait for you to drive away with the motorsport machine of your dreams!